Retail Week looks ahead to the next six days with updates from Morrisons and Superdry on the agenda
The home and DIY retailer will post its first-quarter update on Wednesday. Travis Perkins’ adjusted operating profit at the consumer division fell 15.9% to £69m in the year to December 31, 2018, when sales slipped 0.9% to £1.6bn. Wickes’ adjusted operating profit declined 19% in the year. Sales fell 2.5% last year, or 4.4% on a like-for-like basis.
BRC-KPMG sales monitor
The BRC and KPGM post their monthly retail sales figures for April on Wednesday. In March, total retail sales for the month fell by 0.5%, against an increase of 2.3% in March 2018. This figure was below both the three-month and 12-month average increases of 0.6% and 0.9% respectively. The March figures were distorted somewhat by the timing of Easter, which was in April this year, compared to March 2018.
The supermarket chain will post its first-quarter update on Thursday. Morrisons reported an 8.6% rise in profits before tax and exceptionals to £406m in the 52 weeks to February 3, bolstered by a 4.8% climb in like-for-like sales excluding fuel. Total revenues during the period increased 2.7% to £17.7bn, while revenues excluding fuel rose 5.1% – the grocer’s strongest sales growth since 2009/10. Morrisons has bolstered its convenience offering and ended the financial period with a 115-strong store estate for its Morrisons Daily c-store fascia, while its customer satisfaction score was up 20% in four years.
The fashion retailer will report a pre-close statement on Thursday. Superdry has been through high drama with several board departures after founder and former co-chief executive Julian Dunkerton seized control of the retailer last month. Dunkerton has since scrapped his predecessors’ strategy, axing a mooted kidswear line and cutting down on discounting while attempting to restore brand equity. These numbers will give an idea of the business’ performance under previous management and will outline the scale of the challenge faced by Dunkerton and chair Peter Williams.
Creditors will vote on the beleaguered department store’s CVA plans on Thursday. The struggling department store chain was put into a pre-pack administration earlier this month and plans to close 22 stores next year with around 30 more stores to close over the coming years. All stores will remain open throughout 2019. Each proposal needs the support of 75% or more of creditors to be approved.